The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
3M CO COM 88579Y101 544 3,900 SH   SOLE   3,900 0 0
ABBOTT LABORATORIES COM 002824100 373 9,700 SH   SOLE   9,700 0 0
ABBVIE INC COM 00287Y109 556 10,500 SH   SOLE   10,500 0 0
ACCENTURE PLC-CL A COM G1151C101 2,093 25,500 SH   SOLE   25,500 0 0
AGRIUM INC COM 008916108 48,475 530,126 SH   SOLE   530,126 0 0
AMAZON.COM INC COM 023135106 1,534 3,900 SH   SOLE   3,900 0 0
AMERICAN EXPRESS CO COM 025816109 1,989 22,200 SH   SOLE   22,200 0 0
AMERICAN INTERNATIONAL GROUP COM 026874784 440 8,600 SH   SOLE   8,600 0 0
AMGEN INC COM 031162100 520 4,500 SH   SOLE   4,500 0 0
ANADARKO PETROLEUM CORP COM 032511107 39,793 503,136 SH   SOLE   503,136 0 0
ANGLOGOLD ASHANTI-SPON ADR COM 035128206 13,953 1,209,100 SH   SOLE   1,209,100 0 0
APACHE CORP COM 037411105 11,382 132,100 SH   SOLE   132,100 0 0
APPLE INC COM 037833100 3,493 6,300 SH   SOLE   6,300 0 0
ARCELORMITTAL-NY REGISTERED COM 03938L104 24,921 1,406,400 SH   SOLE   1,406,400 0 0
ARCHER-DANIELS-MIDLAND CO COM 039483102 33,025 755,900 SH   SOLE   755,900 0 0
AT&T INC COM 00206R102 3,123 88,700 SH   SOLE   88,700 0 0
BAKER HUGHES INC COM 057224107 35,240 647,200 SH   SOLE   647,200 0 0
BANK OF AMERICA CORP COM 060505104 1,549 99,700 SH   SOLE   99,700 0 0
BANK OF MONTREAL COM 063671101 212 3,000 SH   SOLE   3,000 0 0
BANK OF NOVA SCOTIA COM 064149107 476 7,200 SH   SOLE   7,200 0 0
BARRICK GOLD CORP COM 067901108 24,007 1,403,100 SH   SOLE   1,403,100 0 0
BERKSHIRE HATHAWAY INC-CL B COM 084670702 2,479 21,000 SH   SOLE   21,000 0 0
BHP BILLITON PLC-ADR COM 05545E209 140,050 2,276,118 SH   SOLE   2,276,118 0 0
BIOGEN IDEC INC COM 09062X103 391 1,400 SH   SOLE   1,400 0 0
BP PLC-SPONS ADR COM 055622104 82,302 1,707,500 SH   SOLE   1,707,500 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 957 17,900 SH   SOLE   17,900 0 0
BUNGE LTD COM G16962105 19,445 237,400 SH   SOLE   237,400 0 0
CABOT OIL & GAS CORP COM 127097103 26,879 694,180 SH   SOLE   694,180 0 0
CAMERON INTERNATIONAL CORP COM 13342B105 36,041 608,700 SH   SOLE   608,700 0 0
CAMPBELL SOUP CO COM 134429109 204 4,700 SH   SOLE   4,700 0 0
CANADIAN NATURAL RESOURCES COM 136385101 34,066 1,018,430 SH   SOLE   1,018,430 0 0
CAPITAL ONE FINANCIAL CORP COM 14040H105 2,138 28,200 SH   SOLE   28,200 0 0
CATERPILLAR INC COM 149123101 363 4,000 SH   SOLE   4,000 0 0
CELANESE CORP-SERIES A COM 150870103 14,763 267,500 SH   SOLE   267,500 0 0
CELGENE CORP COM 151020104 2,332 13,800 SH   SOLE   13,800 0 0
CF INDUSTRIES HOLDINGS INC COM 125269100 18,986 81,900 SH   SOLE   81,900 0 0
CHEVRON CORP COM 166764100 78,245 629,836 SH   SOLE   629,836 0 0
CHICAGO BRIDGE & IRON CO NV COM 167250109 1,849 22,600 SH   SOLE   22,600 0 0
CHINA PETROLEUM & CHEM-ADR COM 16941R108 11,552 142,090 SH   SOLE   142,090 0 0
CISCO SYSTEMS INC COM 17275R102 970 43,600 SH   SOLE   43,600 0 0
CITIGROUP INC COM 172967424 1,651 31,800 SH   SOLE   31,800 0 0
CLIFFS NATURAL RESOURCES INC COM 18683K101 23,487 882,959 SH   SOLE   882,959 0 0
CNOOC LTD-ADR COM 126132109 16,676 90,252 SH   SOLE   90,252 0 0
COBALT INTERNATIONAL ENERGY COM 19075F106 10,489 651,512 SH   SOLE   651,512 0 0
COCA-COLA CO/THE COM 191216100 1,783 43,400 SH   SOLE   43,400 0 0
COCA-COLA ENTERPRISES COM 19122T109 291 6,600 SH   SOLE   6,600 0 0
COLGATE-PALMOLIVE CO COM 194162103 366 5,600 SH   SOLE   5,600 0 0
COMCAST CORP-CLASS A COM 20030N101 674 13,000 SH   SOLE   13,000 0 0
CONCHO RESOURCES INC COM 20605P101 19,940 187,300 SH   SOLE   187,300 0 0
CONOCOPHILLIPS COM 20825C104 894 12,800 SH   SOLE   12,800 0 0
CONSOLIDATED EDISON INC COM 209115104 414 7,500 SH   SOLE   7,500 0 0
COSTCO WHOLESALE CORP COM 22160K105 321 2,700 SH   SOLE   2,700 0 0
CVS CAREMARK CORP COM 126650100 530 7,400 SH   SOLE   7,400 0 0
DANAHER CORP COM 235851102 277 3,600 SH   SOLE   3,600 0 0
DELTA AIR LINES INC COM 247361702 566 20,800 SH   SOLE   20,800 0 0
DOW CHEMICAL CO/THE COM 260543103 22,933 514,200 SH   SOLE   514,200 0 0
DRIL-QUIP INC COM 262037104 13,167 120,336 SH   SOLE   120,336 0 0
DU PONT (E.I.) DE NEMOURS COM 263534109 1,325 20,500 SH   SOLE   20,500 0 0
DUKE ENERGY CORP COM 26441C204 598 8,649 SH   SOLE   8,649 0 0
EATON CORP PLC COM G29183103 1,923 25,300 SH   SOLE   25,300 0 0
EBAY INC COM 278642103 454 8,400 SH   SOLE   8,400 0 0
ELDORADO GOLD CORP COM 284902103 17,978 3,256,836 SH   SOLE   3,256,836 0 0
EMC CORP/MA COM 268648102 1,589 63,400 SH   SOLE   63,400 0 0
EMERSON ELECTRIC CO COM 291011104 309 4,400 SH   SOLE   4,400 0 0
ENCANA CORP COM 292505104 19,066 1,056,900 SH   SOLE   1,056,900 0 0
ENSCO PLC-CL A COM G3157S106 12,115 214,009 SH   SOLE   214,009 0 0
EOG RESOURCES INC COM 26875P101 2,075 12,400 SH   SOLE   12,400 0 0
EQT CORP COM 26884L109 23,869 265,864 SH   SOLE   265,864 0 0
EXPRESS SCRIPTS HOLDING CO COM 30219G108 358 5,100 SH   SOLE   5,100 0 0
EXXON MOBIL CORP COM 30231G102 139,479 1,390,472 SH   SOLE   1,390,472 0 0
FACEBOOK INC-A COM 30303M102 569 10,600 SH   SOLE   10,600 0 0
FEDEX CORP COM 31428X106 257 1,800 SH   SOLE   1,800 0 0
FLUOR CORP COM 343412102 1,749 21,900 SH   SOLE   21,900 0 0
FMC TECHNOLOGIES INC COM 30249U101 24,875 482,632 SH   SOLE   482,632 0 0
FORD MOTOR CO COM 345370860 1,979 129,500 SH   SOLE   129,500 0 0
FREEPORT-MCMORAN COPPER COM 35671D857 111,692 2,965,000 SH   SOLE   2,965,000 0 0
GENERAL ELECTRIC CO COM 369604103 1,799 64,500 SH   SOLE   64,500 0 0
GENERAL MILLS INC COM 370334104 255 5,100 SH   SOLE   5,100 0 0
GENERAL MOTORS CO COM 37045V100 244 6,000 SH   SOLE   6,000 0 0
GERDAU SA -SPON ADR COM 373737105 12,936 1,675,700 SH   SOLE   1,675,700 0 0
GILEAD SCIENCES INC COM 375558103 2,538 33,800 SH   SOLE   33,800 0 0
GOLDCORP INC COM 380956409 38,955 1,862,963 SH   SOLE   1,862,963 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 1,177 6,700 SH   SOLE   6,700 0 0
GOOGLE INC-CL A COM 38259P508 3,439 3,100 SH   SOLE   3,100 0 0
H&R BLOCK INC COM 093671105 209 7,200 SH   SOLE   7,200 0 0
HALLIBURTON CO COM 406216101 19,812 393,100 SH   SOLE   393,100 0 0
HESS CORP COM 42809H107 18,097 219,070 SH   SOLE   219,070 0 0
HEWLETT-PACKARD CO COM 428236103 340 12,100 SH   SOLE   12,100 0 0
HOME DEPOT INC COM 437076102 2,606 31,800 SH   SOLE   31,800 0 0
INTEL CORP COM 458140100 931 36,000 SH   SOLE   36,000 0 0
INTERNATIONAL PAPER CO COM 460146103 65,474 1,336,200 SH   SOLE   1,336,200 0 0
INTL BUSINESS MACHINES CORP COM 459200101 1,230 6,600 SH   SOLE   6,600 0 0
JOHNSON & JOHNSON COM 478160104 2,991 32,400 SH   SOLE   32,400 0 0
JPMORGAN CHASE & CO COM 46625H100 2,106 36,349 SH   SOLE   36,349 0 0
KEY ENERGY SERVICES INC COM 492914106 18,245 2,321,257 SH   SOLE   2,321,257 0 0
KIMBERLY-CLARK CORP COM 494368103 159 1,500 SH   SOLE   1,500 0 0
KINROSS GOLD CORP COM 496902404 11,352 2,652,400 SH   SOLE   2,652,400 0 0
LOCKHEED MARTIN CORP COM 539830109 338 2,300 SH   SOLE   2,300 0 0
LOWE'S COS INC COM 548661107 330 6,700 SH   SOLE   6,700 0 0
LYONDELLBASELL INDU-CL A COM N53745100 27,569 347,000 SH   SOLE   347,000 0 0
MARATHON OIL CORP COM 565849106 22,200 630,680 SH   SOLE   630,680 0 0
MASTERCARD INC-CLASS A COM 57636Q104 500 600 SH   SOLE   600 0 0
MCDONALD'S CORP COM 580135101 601 6,200 SH   SOLE   6,200 0 0
MEDTRONIC INC COM 585055106 361 6,300 SH   SOLE   6,300 0 0
MERCK & CO. INC. COM 58933Y105 969 19,400 SH   SOLE   19,400 0 0
METLIFE INC COM 59156R108 300 5,600 SH   SOLE   5,600 0 0
MICHAEL KORS HOLDINGS LTD COM G60754101 1,870 23,200 SH   SOLE   23,200 0 0
MICROSOFT CORP COM 594918104 1,927 51,700 SH   SOLE   51,700 0 0
MONDELEZ INTERNATIONAL INC-A COM 609207105 362 10,300 SH   SOLE   10,300 0 0
MONSANTO CO COM 61166W101 105,100 907,600 SH   SOLE   907,600 0 0
MORGAN STANLEY COM 617446448 287 9,300 SH   SOLE   9,300 0 0
MOSAIC CO/THE COM 61945C103 62,271 1,324,629 SH   SOLE   1,324,629 0 0
MYLAN INC COM 628530107 1,794 41,800 SH   SOLE   41,800 0 0
NATIONAL OILWELL VARCO INC COM 637071101 30,906 392,800 SH   SOLE   392,800 0 0
NIKE INC -CL B COM 654106103 339 4,300 SH   SOLE   4,300 0 0
NOBLE ENERGY INC COM 655044105 12,581 187,300 SH   SOLE   187,300 0 0
NUCOR CORP COM 670346105 42,209 789,100 SH   SOLE   789,100 0 0
OCCIDENTAL PETROLEUM CORP COM 674599105 34,464 364,500 SH   SOLE   364,500 0 0
OCEANEERING INTL INC COM 675232102 1,755 22,400 SH   SOLE   22,400 0 0
ORACLE CORP COM 68389X105 908 23,900 SH   SOLE   23,900 0 0
PEABODY ENERGY CORP COM 704549104 15,942 829,000 SH   SOLE   829,000 0 0
PEPSICO INC COM 713448108 788 9,500 SH   SOLE   9,500 0 0
PETROCHINA CO LTD -ADR COM 71646E100 17,429 158,836 SH   SOLE   158,836 0 0
PETROLEO BRASILEIRO S.A.-ADR COM 71654V408 23,895 1,749,300 SH   SOLE   1,749,300 0 0
PETROLEO BRASILEIRO-SPON ADR COM 71654V101 406 27,800 SH   SOLE   0 0 27,800
PFIZER INC COM 717081103 1,754 57,141 SH   SOLE   57,141 0 0
PHILLIPS 66 COM 718546104 14,137 189,200 SH   SOLE   189,200 0 0
POSCO-ADR COM 693483109 14,687 188,900 SH   SOLE   188,900 0 0
POTASH CORP OF SASKATCHEWAN COM 73755L107 98,647 3,000,215 SH   SOLE   3,000,215 0 0
PRICELINE.COM INC COM 741503403 346 300 SH   SOLE   300 0 0
PROCTER & GAMBLE CO/THE COM 742718109 1,385 16,888 SH   SOLE   16,888 0 0
QUALCOMM INC COM 747525103 780 10,600 SH   SOLE   10,600 0 0
RANDGOLD RESOURCES LTD-ADR COM 752344309 22,357 362,822 SH   SOLE   362,822 0 0
RAYTHEON COMPANY COM 755111507 190 2,100 SH   SOLE   2,100 0 0
REYNOLDS AMERICAN INC COM 761713106 114 2,300 SH   SOLE   2,300 0 0
RIO TINTO PLC-SPON ADR COM 767204100 100,268 1,784,447 SH   SOLE   1,784,447 0 0
ROWAN COMPANIES PLC-A COM G7665A101 11,286 326,100 SH   SOLE   326,100 0 0
ROYAL BANK OF CANADA COM 780087102 878 12,300 SH   SOLE   12,300 0 0
ROYAL DUTCH SHELL PLC-ADR COM 780259206 88,318 1,247,605 SH   SOLE   1,247,605 0 0
SCHLUMBERGER LTD COM 806857108 53,616 601,284 SH   SOLE   601,284 0 0
SEADRILL LTD COM G7945E105 1,188 4,800 SH   SOLE   4,800 0 0
SEAGATE TECHNOLOGY COM G7945M107 283 5,000 SH   SOLE   5,000 0 0
SM ENERGY CO COM 78454L100 11,561 138,807 SH   SOLE   138,807 0 0
SOUTHERN COPPER CORP COM 84265V105 14,082 495,143 SH   SOLE   495,143 0 0
SOUTHWESTERN ENERGY CO COM 845467109 27,583 699,000 SH   SOLE   699,000 0 0
STARBUCKS CORP COM 855244109 361 4,600 SH   SOLE   4,600 0 0
SUNCOR ENERGY INC COM 867224107 346 9,400 SH   SOLE   9,400 0 0
SUPERIOR ENERGY SERVICES INC COM 868157108 21,518 820,361 SH   SOLE   820,361 0 0
SYNGENTA AG-ADR COM 87160A100 52,499 657,223 SH   SOLE   657,223 0 0
TECK RESOURCES LTD-CLS B COM 878742204 45,359 1,767,711 SH   SOLE   1,767,711 0 0
TEXAS INSTRUMENTS INC COM 882508104 299 6,800 SH   SOLE   6,800 0 0
THOMSON REUTERS CORP COM 884903105 225 5,600 SH   SOLE   5,600 0 0
TIDEWATER INC COM 886423102 23,455 403,008 SH   SOLE   403,008 0 0
TIME WARNER INC COM 887317303 404 5,800 SH   SOLE   5,800 0 0
TJX COMPANIES INC COM 872540109 279 4,400 SH   SOLE   4,400 0 0
TORONTO-DOMINION BANK COM 891160509 1,030 10,300 SH   SOLE   10,300 0 0
TOTAL SA-SPON ADR COM 89151E109 92,008 1,505,117 SH   SOLE   1,505,117 0 0
TWENTY-FIRST CENTURY FOX-A COM 90130A101 2,028 57,900 SH   SOLE   57,900 0 0
UNION PACIFIC CORP COM 907818108 1,976 11,900 SH   SOLE   11,900 0 0
UNITED PARCEL SERVICE-CL B COM 911312106 2,046 19,500 SH   SOLE   19,500 0 0
UNITEDHEALTH GROUP INC COM 91324P102 479 6,400 SH   SOLE   6,400 0 0
US BANCORP COM 902973304 459 11,400 SH   SOLE   11,400 0 0
VALE SA-SP ADR COM 91912E105 33,026 2,169,900 SH   SOLE   2,169,900 0 0
VALE SA-SP PREF ADR COM 91912E204 339 24,300 SH   SOLE   0 0 24,300
VALERO ENERGY CORP COM 91913Y100 14,804 304,349 SH   SOLE   304,349 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 875 17,800 SH   SOLE   17,800 0 0
VISA INC-CLASS A SHARES COM 92826C839 685 3,100 SH   SOLE   3,100 0 0
WALGREEN CO COM 931422109 312 5,400 SH   SOLE   5,400 0 0
WAL-MART STORES INC COM 931142103 806 10,249 SH   SOLE   10,249 0 0
WALT DISNEY CO/THE COM 254687106 1,227 16,100 SH   SOLE   16,100 0 0
WEATHERFORD INTL LTD COM H27013103 19,122 1,242,500 SH   SOLE   1,242,500 0 0
WELLS FARGO & CO COM 949746101 2,207 48,500 SH   SOLE   48,500 0 0
WEYERHAEUSER CO COM 962166104 41,162 1,309,643 SH   SOLE   1,309,643 0 0
WISCONSIN ENERGY CORP COM 976657106 199 4,800 SH   SOLE   4,800 0 0
YAHOO! INC COM 984332106 245 6,100 SH   SOLE   6,100 0 0